Bolton Wanderers have been given 14 days to 'meet all outstanding requirements' or be expelled from the Football League.

The Trotters are in the financial mire and now face the very real possibility of losing their 145-year history.

A statement from the EFL said: "Despite further exchanges with the Administrators over the course of the Bank Holiday weekend, and right up until today’s deadline of 5pm, a resolution to ongoing impasse in negotiations regarding a completion of sale at Bolton Wanderers has not yet been found.

"The EFL Board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL’s insolvency policy when the Club entered administration in May 2019.

"As per the League’s Articles of Association, this will now give the Club 14 days (11.59pm on 12 September, 2019) to meet all outstanding requirements of the League’s insolvency policy or its membership in the EFL will be withdrawn."

Bolton have been given a 14-day reprieve (Image: Julian Hamilton/Daily Mirror)

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Wanderers have been forced to play their kids in games they have completed so far this season, and sit bottom of League One, following the expulsion of Bury.

The Shakers were expelled by the EFL on Tuesday night for failing to provide their financial viability.

It follows a failed takeover by C&N Sporting Risk.

A statement by the EFL said: "The EFL Board met earlier this evening and, after a long and detailed discussion, determined that Bury FC’s membership of the English Football League be withdrawn after the deadline passed at 5pm today (Tuesday 27 August) without a successful resolution.

Bury have been expelled from the Football League (Image: Getty)

"Despite repeated requests to its owner Mr Dale over a sustained period of time, the necessary evidence in respect of how the Club would meet its financial commitments, has simply not been provided and, as a result, attentions turned to securing new ownership at the Club.

"At its meeting on 24 August 2019, the Board agreed a short extension to 5pm today (Tuesday 27 August) to enable Mr Dale and the Club to explore the possibility of a proposed sale with C&N Sporting Risk Limited, with Mr Dale having accepted their offer. Following due diligence, C&N Sporting Risk Limited opted not to pursue its interest.

"Therefore, having fully considered all available options, including a number of late expressions of interest provided to the EFL, the EFL Board has unanimously determined with enormous regret that Bury’s membership be withdrawn."